JERICHO, N.Y. — Jericho-based developer Engel Burman has opened Encore Luxury Living, a 102-unit seniors housing community in the Long Island hamlet of Jericho. The 160,000-square-foot property offers active adult living with 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet, and rents start at $8,400 per month. Encore will share a campus with Engel Burman’s existing 200,000-square-foot assisted living community, The Bristal at Jericho.
Northeast
BALA CYNWYD, PA. — Newmark Knight Frank (NKF) has brokered the $8.9 million sale of 130 Monument Road, a 5.2-acre development site in Bala Cynwyd, a northwestern suburb of Philadelphia. The site is zoned and approved for the development of 205 multifamily units with a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and a leasing office. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF represented the seller, Roseland Residential Trust, in the transaction. Woodfield Development of Chevy Chase was the buyer. Further details and the schedule of the construction were undisclosed.
Pupcakes and Pawstries Barkery Signs 2,500 SF Retail Lease in Bridgewater, New Jersey
by Alex Patton
BRIDGEWATER, N.J. — Pet supplies retailer Pupcakes & Pawstries Barkery and Shoppe has signed a 2,500-square-foot retail lease in Bridgewater, located approximately 40 miles west of New York City. The space is situated within Somerset Shopping Center, a 219,000-square-foot retail center with tenants including Barnes & Noble, Gap and Men’s Wearhouse. The company has already relocated from its previous space in Basking Ridge, New Jersey. Vanessa Fernandez-Kelty of Levin Management Corp. internally represented the landlord in the lease negotiations.
PAWTUCKET, R.I. — Fortuitous Partners has unveiled plans for Tidewater Landing, a $400 million mixed-use development along Pawtucket’s waterfront. The project will include office, residential and hotel space, as well as a 7,500-seat soccer stadium and sports complex for a future United Soccer League (USL) team. Fortuitous Partners will fund the project, while public investment from both the city and state will primarily focus on infrastructure and other non-stadium components of the development plan. “This is an opportunity of a lifetime for the City of Pawtucket, the Blackstone Valley and the State of Rhode Island,” says Pawtucket Mayor Donald Grebien. “This $400 million investment in one of Pawtucket’s Opportunity Zones will create jobs and be a transformative economic development at the gateway into our state.” Upon completion, Tidewater Landing will comprise more than 200 housing units, 100,000 square feet of retail space, a 200-room hotel, an indoor sports event center and 200,000 square feet of office space. The project is currently focused on the Tidewater and Division Street sites that are owned by National Grid and the city, respectively. The final development sites, phasing, construction costs and schedule for the project will be finalized during an upcoming due diligence period, …
WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.
OREC Securities Brokers Sale of Pleasant Bay Nursing and Rehabilitation Center on Cape Cod
by Alex Patton
BREWSTER, MASS. — OREC Securities has brokered the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community houses 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not disclosed.
PARAMUS, NJ. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access an online directory of additional inventory through touch screen displays. Toys ‘R’ Us plans to open a second store of similar design in Houston, Texas, on Saturday, Dec. 7.
RIDGEWOOD, N.Y. — ABS Partners Real Estate has negotiated a 13,823-square-foot office lease for music rehearsal space provider Pirate Studios at the Box Factory, an office and retail center in Ridgewood, Long Island. The U.K.-based company provides rehearsal and production space to musicians in sound-treated rooms. Ben Waller of ABS Partners represented Pirate Studios in the lease negotiations. Waller also represented the landlord, a partnership between Hornig Capital Partners and Brickman.
PHILADELPHIA — Gobrands Inc. has signed two separate leases totaling 7,560 square feet for adjacent buildings in Aramingo Village, a shopping center in Philadelphia. The buildings will house the company’s digital convenience delivery service goPuff, utilizing 6,060 square feet for warehouse and distribution space and 1,500 square feet as a beer retail store. Richard Soloff of Soloff Realty & Development Inc. represented Gobrands in the lease negotiations. Soloff also represented the undisclosed landlord.
Blackstone Provides $724.2M Loan for Refinancing of Hudson Commons Office Building in Manhattan
by Alex Patton
NEW YORK CITY — Blackstone Mortgage Trust has provided a $724.2 million loan for the refinancing of Hudson Commons, a 698,000-square-foot redeveloped office building in the Hudson Yards submarket of Manhattan. The borrower, a partnership between Cove Property Group and The Baupost Group, purchased the former warehouse from Emblem Health in December 2016. Hudson Commons is now 65 percent leased to tenants including Peloton and Lyft, which will occupy 336,000 square feet and 100,000 square feet, respectively. Kohn Pedersen Fox handled design of the redevelopment project. Grant Frankel, Phil McKnight and Ethan Pond of Eastdil Secured LLC arranged the refinancing loan.